Bloomberg News

USDA Boxed Beef Cutout Midday Prices for May 21

May 21, 2012

May 21 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.m. U.S. central time.

Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska.

CHOICE SELECT

600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 194.40 186.19 Change from prior day: 1.89 (0.37) ------------------------------------------------------------------------------- Choice/Select spread: 8.21

Total Load Count (Cuts, Trimmings, Grids): 137 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 277.74 250.04 Primal Chuck 164.92 163.18 Primal Round 166.07 164.58 Primal Loin 274.72 254.14 Primal Brisket 133.73 133.35 Primal Short Plate 122.10 126.25 Primal Flank 100.55 96.22 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/18 77 58 22 23 180 192.51 186.56 05/17 90 59 16 20 186 191.10 185.83 05/16 122 94 31 55 302 190.98 185.10 05/15 89 80 7 32 209 191.61 187.08 05/14 92 53 8 28 182 191.03 185.70 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.45 186.05 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included.

CURRENT VOLUME - (one load equals 40,000 pounds)

Choice Cuts 78.60 loads 3,143,825 pounds Select Cuts 26.74 loads 1,069,454 pounds Trimmings 24.55 loads 982,192 pounds Ground Beef 6.82 load 272,811 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 40 566,971 546.00 573.00 556.81 112A 3 Rib, ribeye, bnls, light 13 16,177 594.70 647.00 614.09 112A 3 Rib, ribeye, bnls, heavy 20 18,709 595.00 646.00 619.65 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 6 15,924 188.00 211.50 207.35 114A 3 Chuck, shoulder clod, trmd 13 78,095 213.00 222.00 216.98 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 13 32,977 227.20 266.00 233.14 114F 5 Chuck, clod tender (IM) 7 6,321 349.05 382.36 373.24 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 21 362,928 223.11 235.00 225.16 116B 1 Chuck, chuck tender (IM) 8 20,571 212.07 225.00 217.95

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 24 122,291 195.79 212.00 207.08 120A 3 Brisket, point/off, bnls 6 3,476 312.30 329.00 315.38 123A 3 Short Plate, short rib 16 38,506 265.00 360.00 344.71 130 4 Chuck, short rib 20 57,053 184.30 231.00 197.48 160 1 Round, bone-in 4 6,441 194.00 211.00 198.03 161 1 Round, boneless 3 3,460 209.50 215.50 209.77

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 36 139,382 227.79 242.00 235.29 168 1 Round, top inside round 14 42,538 201.63 216.00 206.68 168 3 Round, top inside round 6 15,929 214.00 226.00 222.97 169 5 Round, top inside, denuded 21 114,067 240.00 255.00 242.92

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 4,589 193.00 210.00 197.72 171B 3 Round, outside round 34 496,875 197.15 221.00 199.16 171C 3 Round, eye of round (IM) 27 53,739 209.00 224.00 215.23 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 24,878 582.00 606.00 587.34 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 3,007 526.20 556.00 539.30 180 3 Loin, strip, bnls, 0x1 37 306,097 605.00 663.00 619.88 184 1 Loin, top butt, bnls, heavy 7 5,384 320.00 320.20 320.03 184 3 Loin, top butt, boneless 30 182,315 337.00 351.00 341.12 185A 4 Loin, bottom sirloin, flap 8 14,481 427.05 440.00 433.10 185B 1 Loin, ball-tip, bnls, heavy 14 22,355 219.00 241.00 232.37 185C 1 Loin, sirloin, tri-tip (IM) 7 15,615 314.00 339.45 317.91 185D 4 Loin, tri-tip, pld (IM) 10 12,192 418.00 460.11 437.78 189A 4 Loin, tndrloin, trmd, heavy 32 84,578 934.00 966.00 943.92 191A 4 Loin, butt tender, trimmed 7 3,443 920.94 970.00 928.00 193 4 Flank, flank steak (IM) 10 14,626 406.00 455.00 418.01 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 7 54,938 521.00 535.00 533.13 112A 3 Rib, ribeye, bnls, light 4 6,175 545.05 550.00 546.80 112A 3 Rib, ribeye, bnls, heavy 10 9,262 548.05 595.00 571.72 113C 1 Chuck, semi-bnls, neck/off 8 15,621 192.00 207.50 199.15 114 1 Chuck, shoulder clod 6 20,877 193.00 213.00 211.73 114A 3 Chuck, shoulder clod, trmd 7 61,577 205.00 222.00 217.63 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 0 0 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 94,766 221.20 236.00 227.39 116B 1 Chuck, chuck tender (IM) 5 27,610 209.00 219.69 212.39

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 9 72,453 199.46 212.00 204.50 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 5,531 246.00 300.79 249.32 130 4 Chuck, short rib 9 24,536 190.00 219.90 198.96 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 9 27,247 231.95 242.00 232.73 168 1 Round, top inside round 8 50,508 199.00 204.00 200.60 168 3 Round, top inside round 6 50,339 204.34 225.00 206.52 169 5 Round, top inside, denuded 4 3,323 235.00 256.50 237.05

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 39,776 191.00 208.85 194.00 171B 3 Round, outside round 13 67,065 196.00 213.00 202.27 171C 3 Round, eye of round (IM) 6 18,840 211.85 218.00 212.79 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 5 1,618 531.20 554.00 543.11 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 11 50,227 500.00 545.50 507.87 184 1 Loin, top butt, bnls, heavy 6 6,017 294.05 306.00 296.15 184 3 Loin, top butt, boneless 6 5,991 306.32 330.00 318.48 185A 4 Loin, bottom sirloin, flap 3 4,958 424.00 435.00 427.16 185B 1 Loin, ball-tip, bnls, heavy 7 6,666 215.00 236.50 223.19 185C 1 Loin, sirloin, tri-tip (IM) 7 9,266 307.00 345.00 317.29 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 87,081 897.45 930.00 898.41 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 3 7,132 401.50 422.00 414.40 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 1,988 109.00 120.00 116.73 121D 4 Plate, Inside Skirt (IM) 15 41,727 347.00 370.00 352.71 121C 4 Plate, Outside Skirt (IM) 17 20,504 509.20 516.00 511.27 121E 6 Outside Skirt, pld (IM) 8 30,606 651.70 700.00 675.85

Cap, Wedge Meat & (IM) Lean 24 276,906 222.15 245.00 226.84

Pectoral Meat 12 50,377 225.69 245.00 236.15 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 12 37,351 170.55 186.00 179.76 Ground Beef 75% 0 0 Ground Beef 81% 18 45,497 213.25 229.50 222.87 Ground Beef 85% Ground Beef 90% Ground Beef 93% 6 2,582 276.00 282.50 280.11 Ground Beef Chuck 80% 10 112,147 223.00 237.75 233.09 Ground Beef Round 85% 7 18,562 228.94 241.00 236.36 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 0 0 Blended Ground Beef 75% Blended Ground Beef 81% 4 40,000 215.40 243.20 217.92 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 27 756,652 43.00 62.58 52.82 Frozen 50% lean trimmings -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. --------------------------------------------------------------------------------

A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds.

Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts.

Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.


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